Courier Capital LLC Has $2.08 Million Position in 3M (NYSE:MMM)

Courier Capital LLC reduced its stake in shares of 3M (NYSE:MMM) by 1.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 15,224 shares of the conglomerate’s stock after selling 218 shares during the quarter. Courier Capital LLC’s holdings in 3M were worth $2,081,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of MMM. Global Assets Advisory LLC acquired a new position in shares of 3M during the 1st quarter worth about $1,480,000. Wealthcare Advisory Partners LLC grew its position in shares of 3M by 20.7% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 15,988 shares of the conglomerate’s stock worth $1,696,000 after buying an additional 2,741 shares during the period. Buckley Wealth Management LLC grew its position in shares of 3M by 36.7% in the 1st quarter. Buckley Wealth Management LLC now owns 29,889 shares of the conglomerate’s stock valued at $3,170,000 after purchasing an additional 8,020 shares during the period. Hennessy Advisors Inc. grew its position in shares of 3M by 60.4% in the 1st quarter. Hennessy Advisors Inc. now owns 66,400 shares of the conglomerate’s stock valued at $7,043,000 after purchasing an additional 25,000 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its position in shares of 3M by 17.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,243 shares of the conglomerate’s stock valued at $450,000 after purchasing an additional 631 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Down 2.9 %

Shares of 3M stock opened at $127.91 on Thursday. 3M has a 12-month low of $72.47 and a 12-month high of $141.34. The stock has a market cap of $70.78 billion, a P/E ratio of -10.06, a P/E/G ratio of 2.49 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 2.95. The business’s 50 day moving average is $133.07 and its 200-day moving average is $113.57.

3M (NYSE:MMM) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a return on equity of 112.92% and a net margin of 3.08%. The company had revenue of $6.29 billion for the quarter, compared to analysts’ expectations of $6.06 billion. During the same quarter in the prior year, the business posted $2.68 EPS. The business’s revenue was down 24.3% compared to the same quarter last year. Equities research analysts predict that 3M will post 7.24 earnings per share for the current fiscal year.

3M Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Monday, August 26th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Monday, August 26th. 3M’s dividend payout ratio (DPR) is presently -22.01%.

Insider Activity at 3M

In related news, CFO Theresa E. Reinseth sold 2,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the sale, the chief financial officer now owns 4,364 shares in the company, valued at approximately $541,659.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 3M news, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $124.12, for a total value of $260,652.00. Following the transaction, the chief financial officer now directly owns 4,364 shares of the company’s stock, valued at $541,659.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total value of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MMM. Bank of America boosted their price objective on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com lowered 3M from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Melius upgraded 3M from a “hold” rating to a “buy” rating in a research report on Tuesday. Argus upgraded 3M from a “hold” rating to a “buy” rating and set a $145.00 target price on the stock in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their target price on 3M from $99.00 to $100.00 and gave the company an “underperform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $135.67.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company’s Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.